Households can make savings of up to 40 per cent if they opt to compare car insurance and a range of other insurance products, one commentator has observed.
John Kavanagh of the Sydney Morning Herald noted that the savings estimate, made recently by consumer watchdogs, comes as insurance costs continue to rise, with car and home-and-contents premium prices increasing by as much as ten per cent this year.
Indeed, the columnist pointed to comments by Ian Moyser, an insurance partner at KPMG, who suggested that most Australians would have faced increases in the high single digits for their home-and-contents and car policy premiums over the last year.
The rises have partly been attributed to bad weather which have added significantly to claims payouts.
However, Mr Kavanagh observed that despite the number of new competitors entering the market and the inconsistencies in current price rises, Australians are not particularly good at shopping around for new policies.
Writing on the current state of the market, he said: "According to the insurance industry regulator, the Australian Prudential Regulation Authority, the big four general insurers – IAG, Suncorp, Allianz and QBE – account for more than 77 per cent of the country's insurance business."
This article is brought to you by Mozo – Helping you compare car insurance
Thursday, October 28, 2010
Tuesday, October 26, 2010
Car Insurance Comparison Tactic – If you own two houses you could save $100s
If you have more than one property then you may be able to save hundreds of dollars on your car insurance.You can make a Car Insurance Comparison any day but tactics also play a part in getting a cheaper policy.By choosing to insure your car using your less risky address will result in cheaper insurance every day of the week. The reason you save is because the chance of theft is greatly reduced.
The risk of theft forms a large chunk of the cost of your insurance policy.Theft is often a result of living in an area with high crime or an area that is close to the CBD.So by living in a safer area you have a lower risk of getting your car stolen and therefore pay a lower theft premium.Theft premium is included in the price of comprehensive car insurance.
If you live in the city and have a beach or country house you use then you could potential save sweet sweet money.You should get a quote using both your address and compare the costs.If the only thing you change is the address then you can easily calculate the difference a change in address could save you.If you want to investigate further, you could even work out what the theft portion of you insurance costs.
To check what your theft premium is, you need to get a quote for ‘third party liability car insurance’ and also ‘third party fire and theft’.The difference between the two insurance quotes is what you pay for insurance against loss caused by fire and theft.Most of this value is taken up by theft not fire.If it is quite high then you may live in an area the insurance company considers risky.
Devices to stop burglary definitely help to reduce your theft premium.You should see how much you can reduce the price if you put a mobiliser or a wheel lock on your car.All insurance companies I know of ask you a question regarding your car security.If they ask, then they charge for a bad answer and reward you for a good answer (a less risky answer).On some occasions you can actually save more that the price of a wheel lock in just one or two years.The investment pays for itself and could actually serve to prevent a theft too.
Next time you make a Car Insurance Comparison, you should see if you can save money by adding a security device or by altering your address.A second house usually costs a fair bit to up-keep so it might as well come in handy and save you some cash and get you a cheaper car insurance policy. That’s the end game -a better policy and a better price.
brought you by http://www.lonad.com
The risk of theft forms a large chunk of the cost of your insurance policy.Theft is often a result of living in an area with high crime or an area that is close to the CBD.So by living in a safer area you have a lower risk of getting your car stolen and therefore pay a lower theft premium.Theft premium is included in the price of comprehensive car insurance.
If you live in the city and have a beach or country house you use then you could potential save sweet sweet money.You should get a quote using both your address and compare the costs.If the only thing you change is the address then you can easily calculate the difference a change in address could save you.If you want to investigate further, you could even work out what the theft portion of you insurance costs.
To check what your theft premium is, you need to get a quote for ‘third party liability car insurance’ and also ‘third party fire and theft’.The difference between the two insurance quotes is what you pay for insurance against loss caused by fire and theft.Most of this value is taken up by theft not fire.If it is quite high then you may live in an area the insurance company considers risky.
Devices to stop burglary definitely help to reduce your theft premium.You should see how much you can reduce the price if you put a mobiliser or a wheel lock on your car.All insurance companies I know of ask you a question regarding your car security.If they ask, then they charge for a bad answer and reward you for a good answer (a less risky answer).On some occasions you can actually save more that the price of a wheel lock in just one or two years.The investment pays for itself and could actually serve to prevent a theft too.
Next time you make a Car Insurance Comparison, you should see if you can save money by adding a security device or by altering your address.A second house usually costs a fair bit to up-keep so it might as well come in handy and save you some cash and get you a cheaper car insurance policy. That’s the end game -a better policy and a better price.
brought you by http://www.lonad.com
Sunday, October 17, 2010
How to trim your car insurance bill
Anil Sahgal, founder of financial advisory portal ‘i-save’ , says, “Insurance companies have various clauses under which one can avail of premium discounts on auto insurance. Understanding these features can help a customer be aware of what discounts can be availed, the eligibility for these discounts and whether these discounts makes sense financially.”
Moreover, the criteria for premium rating parameters has changed beyond the four parameters prevalent earlier, viz. geographical zone, engine capacity, price and age of vehicle. “Now in a detariffed era, several new parameters are being considered to determine the premium rates, thus providing various ways to lower your insurance bill,” says Vijay Kumar, head of motor insurance at Bajaj Allianz General Insurance.
You can, for instance, lower the premium by 10-30 % simply by giving correct and proper information to the insurer . Thus, it is not always about getting a quote from a newer insurance company, but a few simple steps and paying attention to detail may help you save on your car insurance. Here they go:If you haven’t claimed against your car insurance policy in a given year, you get the benefit of ‘no claims’ discount in the form of a specific percentage reduction in your premium in the subsequent year.
No claim bonuses increase with each claim-free year and typically start with 20% and go up to a maximum of 50% on the ‘Own Damage Premium’ component of your car insurance. Insurers offer you a discount on your vehicle premium if you bear a certain amount of loss associated with each claim. Voluntary deductible is the amount that you agree to pay yourself towards a claim before the insurance company picks up the balance.
The higher the voluntary deductible that you agree for, the lower your premium. “The discounts associated with this feature typically range between 20% and 35% of the premium, subject to a maximum of Rs 3,500. However, one needs to review the amounts of voluntary deductibles against the discounts to ensure that the discount amount will actually be higher than the voluntary deductible,” says Mr Sahgal. Each make and model has its own claim record and the insurer prices the vehicle based on its claim experience. Some models may be more claim-prone because of their structure or usage, and the premium will factor in all these facets.
“Some make/models have prohibitive repair costs. Discounts may even depend on repair cost charged on certain make/models,” says Ajay Bimbhet, managing director of Royal Sundaram Alliance Insurance Company. The gender of the driver can also help lower the motor insurance premium. However, whether male drivers would get more discount or female drivers, depends on the policy of the insurers. Some insurers like Bajaj Allianz , for instance, consider female drivers better than male drivers, and therefore give them some discounts.
A handful of other insurers, however, give discounts to male drivers. However, this practice is more prevalent in the west, and is yet to catch up in India.
Profession of the driver:
The occupation of the customer, to a large extent, determines the usage of the vehicle. For instance , an office goer will mostly use the vehicle only to commute between office and home, whereas a person in retail trade will use it more extensively plying across the length and breadth of the city. The city where the vehicle would be driven is also taken into consideration now. “From the earlier two zones, now cities and towns where the vehicle is plied or registered are taken into consideration,” says Mr Kumar. Mr Bimbhet says they are doing locationbased claims analysis and the premium is calculated accordingly.
Membership discount:
If you are a member of a recognised automobile association in India, you are eligible to get a discount on your car insurance premium . These discounts are available for 5% of the ‘own damage’ premium, subject to a maximum of Rs 500. If you have installed anti-theft devices in your vehicle approved by ARAI (Automotive Research Association of India), you are eligible to get a discount of up to Rs 500 on your premium.
Discount for physically challenged persons:
A discount of as high as 50% is available on the own damage premium for physically challenged persons provided that the vehicle has been modified for use. The discount is also available for institutions exclusively engaged in the service of these people.
Apart from these, there are other things which can help you lower the premium. For instance, some insurers like Royal Sundaram and Bajaj Allianz offer a higher discount when you buy or renew a private car online. You can also avail a concession if your vehicle is garaged or is out of use for some period (minimum of two months). In this case, however, intimation to the insurance company is essential.
Moreover, the criteria for premium rating parameters has changed beyond the four parameters prevalent earlier, viz. geographical zone, engine capacity, price and age of vehicle. “Now in a detariffed era, several new parameters are being considered to determine the premium rates, thus providing various ways to lower your insurance bill,” says Vijay Kumar, head of motor insurance at Bajaj Allianz General Insurance.
You can, for instance, lower the premium by 10-30 % simply by giving correct and proper information to the insurer . Thus, it is not always about getting a quote from a newer insurance company, but a few simple steps and paying attention to detail may help you save on your car insurance. Here they go:If you haven’t claimed against your car insurance policy in a given year, you get the benefit of ‘no claims’ discount in the form of a specific percentage reduction in your premium in the subsequent year.
No claim bonuses increase with each claim-free year and typically start with 20% and go up to a maximum of 50% on the ‘Own Damage Premium’ component of your car insurance. Insurers offer you a discount on your vehicle premium if you bear a certain amount of loss associated with each claim. Voluntary deductible is the amount that you agree to pay yourself towards a claim before the insurance company picks up the balance.
The higher the voluntary deductible that you agree for, the lower your premium. “The discounts associated with this feature typically range between 20% and 35% of the premium, subject to a maximum of Rs 3,500. However, one needs to review the amounts of voluntary deductibles against the discounts to ensure that the discount amount will actually be higher than the voluntary deductible,” says Mr Sahgal. Each make and model has its own claim record and the insurer prices the vehicle based on its claim experience. Some models may be more claim-prone because of their structure or usage, and the premium will factor in all these facets.
“Some make/models have prohibitive repair costs. Discounts may even depend on repair cost charged on certain make/models,” says Ajay Bimbhet, managing director of Royal Sundaram Alliance Insurance Company. The gender of the driver can also help lower the motor insurance premium. However, whether male drivers would get more discount or female drivers, depends on the policy of the insurers. Some insurers like Bajaj Allianz , for instance, consider female drivers better than male drivers, and therefore give them some discounts.
A handful of other insurers, however, give discounts to male drivers. However, this practice is more prevalent in the west, and is yet to catch up in India.
Profession of the driver:
The occupation of the customer, to a large extent, determines the usage of the vehicle. For instance , an office goer will mostly use the vehicle only to commute between office and home, whereas a person in retail trade will use it more extensively plying across the length and breadth of the city. The city where the vehicle would be driven is also taken into consideration now. “From the earlier two zones, now cities and towns where the vehicle is plied or registered are taken into consideration,” says Mr Kumar. Mr Bimbhet says they are doing locationbased claims analysis and the premium is calculated accordingly.
Membership discount:
If you are a member of a recognised automobile association in India, you are eligible to get a discount on your car insurance premium . These discounts are available for 5% of the ‘own damage’ premium, subject to a maximum of Rs 500. If you have installed anti-theft devices in your vehicle approved by ARAI (Automotive Research Association of India), you are eligible to get a discount of up to Rs 500 on your premium.
Discount for physically challenged persons:
A discount of as high as 50% is available on the own damage premium for physically challenged persons provided that the vehicle has been modified for use. The discount is also available for institutions exclusively engaged in the service of these people.
Apart from these, there are other things which can help you lower the premium. For instance, some insurers like Royal Sundaram and Bajaj Allianz offer a higher discount when you buy or renew a private car online. You can also avail a concession if your vehicle is garaged or is out of use for some period (minimum of two months). In this case, however, intimation to the insurance company is essential.
Wednesday, October 13, 2010
Shopping for Car Insurance with Bad Credit
Car insurance is not the usually linked to bad credit repair services. If your credit score would benefit from the resuscitative effects of a bad credit repair company, then you realize why.
Getting the Insurance
Commercials would have you believe that buying car insurance is a one-step process easily completed online. Once you click the print button to receive the proof of insurance then process is done, right? Wrong.
Insurance quotes online are just that – quotes. These numbers are not a set-in-stone guarantee of what you will pay. Your actual premium is often a scotch higher than what you see online.
Why is that? One of the most common reasons your insurance premium shifts upwards is because of the bad credit report repair needs that your chosen insurer only learns about after they run your credit report.
Mitigating the Impact
Sometimes it feels like bad credit gets you coming and going. It does, but that does not mean you have to be a victim waiting for your credit history score to rat you out again.
There are many things you can proactively do to plan for insurance and other financial service needs that are negatively impacted by your credit score. Firstly, you an acknowledge that you will likely have to pay more for car insurance – and anything else tied to credit – and plan for it.
If you are getting a quote online, add at least 15% to the number that pops up on the screen. If the number is ridiculously high, don’t shrug your shoulders and forfeit to your bad credit.
In some ways, bad credit doesn’t differ that much from getting insurance when you have good credit. The best way to get the best deal on insurance is to shop long, shop hard. and then shop some more.
Watch the Fine Print
When you shop for insurance, you need to know what you are comparing so you can determine if you are getting a good deal or not. There are three main areas you need to compare: deductible, pay-out satisfaction or customer service, and coverage rates.
If these areas are different from policy to policy, then you don’t really know if one insurance package is really priced better than another. It would be like choosing to buy a Tonka Truck rather than a Toyota because the Tonka costs less. There really is no comparing these two items because they are so dissimilar.
To be certain you are getting an apples to apples comparison that results in a fair comparison of premium rates, dig a bit deeper than the monthly cost. Look at how much your insurance will pay for each accident, injury, or incident. Likewise, look at deductibles. Higher deductibles mean lower premiums. You also want to look at other inclusions like rental cars, towing, and theft recovery.
With all things being equal, you can choose the package you want at the right price from a company you feel good about.
Credit Loan: Shopping for Car Insurance with Bad Credit Repair in Mind http://www.creditloan.com/blog/2010/10/13/shopping-for-car-insurance-with-bad-credit-repair-in-mind/#ixzz12GiUrnX9
http://www.creditloan.com/
Getting the Insurance
Commercials would have you believe that buying car insurance is a one-step process easily completed online. Once you click the print button to receive the proof of insurance then process is done, right? Wrong.
Insurance quotes online are just that – quotes. These numbers are not a set-in-stone guarantee of what you will pay. Your actual premium is often a scotch higher than what you see online.
Why is that? One of the most common reasons your insurance premium shifts upwards is because of the bad credit report repair needs that your chosen insurer only learns about after they run your credit report.
Mitigating the Impact
Sometimes it feels like bad credit gets you coming and going. It does, but that does not mean you have to be a victim waiting for your credit history score to rat you out again.
There are many things you can proactively do to plan for insurance and other financial service needs that are negatively impacted by your credit score. Firstly, you an acknowledge that you will likely have to pay more for car insurance – and anything else tied to credit – and plan for it.
If you are getting a quote online, add at least 15% to the number that pops up on the screen. If the number is ridiculously high, don’t shrug your shoulders and forfeit to your bad credit.
In some ways, bad credit doesn’t differ that much from getting insurance when you have good credit. The best way to get the best deal on insurance is to shop long, shop hard. and then shop some more.
Watch the Fine Print
When you shop for insurance, you need to know what you are comparing so you can determine if you are getting a good deal or not. There are three main areas you need to compare: deductible, pay-out satisfaction or customer service, and coverage rates.
If these areas are different from policy to policy, then you don’t really know if one insurance package is really priced better than another. It would be like choosing to buy a Tonka Truck rather than a Toyota because the Tonka costs less. There really is no comparing these two items because they are so dissimilar.
To be certain you are getting an apples to apples comparison that results in a fair comparison of premium rates, dig a bit deeper than the monthly cost. Look at how much your insurance will pay for each accident, injury, or incident. Likewise, look at deductibles. Higher deductibles mean lower premiums. You also want to look at other inclusions like rental cars, towing, and theft recovery.
With all things being equal, you can choose the package you want at the right price from a company you feel good about.
Credit Loan: Shopping for Car Insurance with Bad Credit Repair in Mind http://www.creditloan.com/blog/2010/10/13/shopping-for-car-insurance-with-bad-credit-repair-in-mind/#ixzz12GiUrnX9
http://www.creditloan.com/
Tuesday, October 12, 2010
Car insurance: Your stories
Young drivers are being hit the hardest by the increasing cost of car insurance.
Figures from the AA show 17 to 22 year-olds are paying 50% more than they were at the start of the year.
The AA is blaming the jump on the number of injury claims being made when young people are driving.
It also says the cost of driving is now largely unaffordable for many first time drivers.
Young men have seen the biggest price hike. Quotes for them now start, on average, around £2,000.
We took to the streets of Wolverhampton to speak to young drivers about how much they are forking out.
laire is an officer worker from Wolverhampton. She drives her blue Citroen Saxo to work.
"My insurance has just gone up by £250 to £750, even though the car is only worth £1,000! It's too expensive.
"I've been with the same insurance company for a while but I've got no choice but to shop around now. It's a pain.
"I've never had an accident, I just got a letter through the post to say it's going up. Everything is going up in cost these days and no one can afford it. I'm not happy."
Sinny is 19. He drives a Seat Leon and loves it.
"I couldn't afford to pay for my insurance, but I'm the only one who drives in my family, so my dad pays for it.
''It costs about £4,000 I think. There's no way I could afford it - I work in a chocolate factory in Telford. I've got a lot to thank him for.
''I had an accident and it was my fault - I was distracted talking to friends in the car - so I can understand why my insurance costs so much in a way."
Lee is 23. He manages a flooring business. He drives a Vauxhall Astra and pays £2,700 for his car insurance.
"It's so expensive. I got caught driving with no insurance in the past so have six points on my licence. All I can do is pay for my car now.
''I've had to stop going out because I need that money to stay on the road. A few less pints and a bit more PlayStation for me!
"I have had three years of regret, but I've learnt my lesson the expensive way.
"I do understand why it costs less for girls - but I think it's mainly the teenagers who take the risks and have crashes... It's not fair we still have to pay so much as we get older.
''My car's like a woman - I spend too much money on her!"
Bookmark with
brought you by http://www.bbc.co.uk/
Figures from the AA show 17 to 22 year-olds are paying 50% more than they were at the start of the year.
The AA is blaming the jump on the number of injury claims being made when young people are driving.
It also says the cost of driving is now largely unaffordable for many first time drivers.
Young men have seen the biggest price hike. Quotes for them now start, on average, around £2,000.
We took to the streets of Wolverhampton to speak to young drivers about how much they are forking out.
laire is an officer worker from Wolverhampton. She drives her blue Citroen Saxo to work.
"My insurance has just gone up by £250 to £750, even though the car is only worth £1,000! It's too expensive.
"I've been with the same insurance company for a while but I've got no choice but to shop around now. It's a pain.
"I've never had an accident, I just got a letter through the post to say it's going up. Everything is going up in cost these days and no one can afford it. I'm not happy."
Sinny is 19. He drives a Seat Leon and loves it.
"I couldn't afford to pay for my insurance, but I'm the only one who drives in my family, so my dad pays for it.
''It costs about £4,000 I think. There's no way I could afford it - I work in a chocolate factory in Telford. I've got a lot to thank him for.
''I had an accident and it was my fault - I was distracted talking to friends in the car - so I can understand why my insurance costs so much in a way."
Lee is 23. He manages a flooring business. He drives a Vauxhall Astra and pays £2,700 for his car insurance.
"It's so expensive. I got caught driving with no insurance in the past so have six points on my licence. All I can do is pay for my car now.
''I've had to stop going out because I need that money to stay on the road. A few less pints and a bit more PlayStation for me!
"I have had three years of regret, but I've learnt my lesson the expensive way.
"I do understand why it costs less for girls - but I think it's mainly the teenagers who take the risks and have crashes... It's not fair we still have to pay so much as we get older.
''My car's like a woman - I spend too much money on her!"
Bookmark with
brought you by http://www.bbc.co.uk/
Why car insurance is still rising rising
The cost of a car insurance premium has risen by £177 in the last year, according to new research.
The cost of the average comprehensive motor insurance policy has risen from £473 since the last quarter of 2009 bringing it to £650, according to the latest car insurance price index conducted by comparison website Confused.com and industry experts EMB.
The 17-20 year old male group saw the biggest quarterly increase, rising by 10.9% bringing the average cost of a comprehensive policy up by £284 to £2,879.
While the average cost for a female aged 17-20 went up by £147 to £1490. Women pay less for their insurance due to statistical evidence that suggests is suggested that on average, women have smaller and less expensive accidents.
Even though the average cost of comprehensive cover rose again this month, there is hope for drivers as it seems the rises are finally starting to run out of steam.
The cost of average comprehensive cover rose by 8.6% between July and September, but still by less than the 14.2% increase in the previous quarter.
On average, young drivers aged 17-20 have seen a massive price increase of £617 in the last year. Those hoping to save money by opting for third party, fire and theft (TPFT) face a further blow.
According to the research drivers buying TPFT have faced above average increases, 11.7% this quarter and 54.2% since October 2009.
Darren Black, head of motoring at Confused.com, commented: 'Whilst it is undoubtedly more bad news for consumers, there is potentially light at the end of the tunnel with the hikes seemingly losing momentum.'
Once again young drivers have borne the brunt of increasing premiums, suffering across the board with rises in their age group and in the type of insurance they choose. Young male drivers continue to suffer higher premiums than their female counterparts and there has been recent call for gender bias to be removed.'
Insurance providers worrying about parents potentially 'fronting' for their children in the face of the massive price hikes have also pushed prices up for those who choose to add someone other than their spouse to their policy.
46-50 year old men and women with an 'insured plus one' policy have received increases of 65.6% and 60.3% respectively over the last 12 months.
The latest figures from the AA, reported by the BBC, show that the cost of car insurance has increased at its fastest rate since the motoring organisation started analysing the market.
The figures from the AA, which are expected to revealed later this week, report that between the ages of 17 and 22 are bearing the brunt of price increases.
Over the course of the past year alone, car insurance premiums for this group have risen by 47%, the AA claimed.
Insurers claim that they are paying out more than they are taking in and that we are now seeing a price correction in terms of premium costs.
In March, we reported on a survey carried out by EMB which revealed that last year for every £1 the retail motor industry received in premiums, it had to pay out £1.20 in costs and claims.
Analysts warn that this is a knock-on effect from the rise in personal injury claims fuelled by no-win no-fee lawyer adverts on television and the competitive nature of online insurance.
In July, we reported on how fraudsters were also being blamed for the rising cost of motor insurance. As industry experts warned against scams often involve groups of unscrupulous drivers agreeing to stage 'cash for crash' accidents and then splitting the proceeds of any payout.
Read more: http://www.thisismoney.co.uk/insurance/car/article.html?in_article_id=516316&in_page_id=35&position=moretopstories#ixzz12Cj5bKXB
The cost of the average comprehensive motor insurance policy has risen from £473 since the last quarter of 2009 bringing it to £650, according to the latest car insurance price index conducted by comparison website Confused.com and industry experts EMB.
The 17-20 year old male group saw the biggest quarterly increase, rising by 10.9% bringing the average cost of a comprehensive policy up by £284 to £2,879.
While the average cost for a female aged 17-20 went up by £147 to £1490. Women pay less for their insurance due to statistical evidence that suggests is suggested that on average, women have smaller and less expensive accidents.
Even though the average cost of comprehensive cover rose again this month, there is hope for drivers as it seems the rises are finally starting to run out of steam.
The cost of average comprehensive cover rose by 8.6% between July and September, but still by less than the 14.2% increase in the previous quarter.
On average, young drivers aged 17-20 have seen a massive price increase of £617 in the last year. Those hoping to save money by opting for third party, fire and theft (TPFT) face a further blow.
According to the research drivers buying TPFT have faced above average increases, 11.7% this quarter and 54.2% since October 2009.
Darren Black, head of motoring at Confused.com, commented: 'Whilst it is undoubtedly more bad news for consumers, there is potentially light at the end of the tunnel with the hikes seemingly losing momentum.'
Once again young drivers have borne the brunt of increasing premiums, suffering across the board with rises in their age group and in the type of insurance they choose. Young male drivers continue to suffer higher premiums than their female counterparts and there has been recent call for gender bias to be removed.'
Insurance providers worrying about parents potentially 'fronting' for their children in the face of the massive price hikes have also pushed prices up for those who choose to add someone other than their spouse to their policy.
46-50 year old men and women with an 'insured plus one' policy have received increases of 65.6% and 60.3% respectively over the last 12 months.
The latest figures from the AA, reported by the BBC, show that the cost of car insurance has increased at its fastest rate since the motoring organisation started analysing the market.
The figures from the AA, which are expected to revealed later this week, report that between the ages of 17 and 22 are bearing the brunt of price increases.
Over the course of the past year alone, car insurance premiums for this group have risen by 47%, the AA claimed.
Insurers claim that they are paying out more than they are taking in and that we are now seeing a price correction in terms of premium costs.
In March, we reported on a survey carried out by EMB which revealed that last year for every £1 the retail motor industry received in premiums, it had to pay out £1.20 in costs and claims.
Analysts warn that this is a knock-on effect from the rise in personal injury claims fuelled by no-win no-fee lawyer adverts on television and the competitive nature of online insurance.
In July, we reported on how fraudsters were also being blamed for the rising cost of motor insurance. As industry experts warned against scams often involve groups of unscrupulous drivers agreeing to stage 'cash for crash' accidents and then splitting the proceeds of any payout.
Read more: http://www.thisismoney.co.uk/insurance/car/article.html?in_article_id=516316&in_page_id=35&position=moretopstories#ixzz12Cj5bKXB
Car insurance premiums increase by 40%
A report by the AA has confirmed a massive increase in car insurance premiums in the UK over the last 12 months. The report shows that comprehensive car cover has increased in cost by 11.5% over the last 12 months although there has been a massive 57% increase in the cost of premiums for third party, fire and theft arrangements. Younger drivers are bearing the brunt as you might expect although the increase in general car insurance premiums is very confusing to say the least.
While there is no doubt over the last few years there has been an increase in the number of uninsured drivers in the UK with the liability falling on insurance companies, who pass this on to consumers via higher premiums, but is this fair? To see a 40% increase in general car insurance premiums over the last 12 months, when you bear in mind the recession and the fact that many people and not able to use their car is much as they have done, how can this be justified?
The problem with car insurance is the fact that legally each and every automobile in UK has to be insured at the very least for third party, fire and theft. So basically the government and insurance companies have motorists over a barrel but who is fighting the side of motorists in the UK?
brought you by http://financialadvice.co.uk
While there is no doubt over the last few years there has been an increase in the number of uninsured drivers in the UK with the liability falling on insurance companies, who pass this on to consumers via higher premiums, but is this fair? To see a 40% increase in general car insurance premiums over the last 12 months, when you bear in mind the recession and the fact that many people and not able to use their car is much as they have done, how can this be justified?
The problem with car insurance is the fact that legally each and every automobile in UK has to be insured at the very least for third party, fire and theft. So basically the government and insurance companies have motorists over a barrel but who is fighting the side of motorists in the UK?
brought you by http://financialadvice.co.uk
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